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Property Management Market Size, Share & COVID-19 Impact Analysis, By Component (Software and Services), By Deployment (Cloud and On-Premises), By Application (Residential and Commercial), By End-User (Property Managers, Housing Associations, Real Estate Agents, and Others), and Regional Forecast, 2022-2029

Region : Global | Format: PDF | Report ID: FBI102805

 

KEY MARKET INSIGHTS

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The global property management market size was valued at USD 17.69 billion in 2021. The market is projected to grow from USD 19.33 billion in 2022 to USD 37.25 billion by 2029, exhibiting a CAGR of 9.8% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with property management solutions experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. Based on our analysis, the global market exhibited a decline of 9.0% in 2020 as compared to 2019.


The increasing demand for management software to address consumers’ shifting real estate preferences, as well as the growing need for improved consumer handling and support, is driving market expansion. For instance, Yardi Systems, Inc. launched Rent Relief by Yardi. This launch will help households and landlords manage payments quickly and easily. Similarly, Planon partnered with AddOnn to combine AddOnn’s SaaS solution with Planon’s software platform for building & service digitization to offer an end-to-end solution to end-users across the globe.


Real estate is undergoing a rapid shift, supported by hotel and tourism brands and the emerging usage of a platform for customer retention. As part of their company strategy, players are spending on research and development operations, which has increased the demand for property management solutions. For instance,



  • In November 2020, Entrata, Inc. launched a bank account verification service to its current product suite. As a result of the changes, Entrata is enabled with real-time account authentication and balance confirmation, significantly reducing the number of fraudulent transactions.


COVID-19 IMPACT


Adoption of Management Solutions to Boost Market amid Coronavirus


The effects of COVID-19 pandemic were felt globally, with real estate enterprises witnessing major disruptions. Short-term concerns for real estate management include keeping visitors and tenants safe, maintaining value, including heightened cleaning procedures, and conforming to governmental norms. Further, many schools and offices were closed and companies are exploring "work from home" options.


The COVID-19 pandemic has given residential managers a chance to rethink their strategies. As a result, smart processes and artificial intelligence-based technologies are more likely to be applied throughout time.



  • For instance, in June 2020, during the COVID-19 pandemic, the Building Engineering Services Association (BESA) and SFG20 partnered with U.K. BIM Alliance. This partnership aims to improve the building performance and maximize cost-saving.


Furthermore, as more companies urge their employees to return to work, building managers face new challenges in designing COVID-19 operating plans that meet the expanding needs of their tenants. Also, as the situation returns to normal, residents and tenants continue to occupy new areas for residential and commercial purposes. These factors will contribute to aiding the market's growth. Also, various governments are significantly investing in real estate assets. For instance, according to IBEF, India invested USD 2.4 billion in real estate assets in the first half of 2021, a 52% increase year-on-year. Similarly, according to Savills India, real estate demand is estimated to rise by 15-18 million square feet by 2025. These increasing investments and demand in real estate are further helping in driving the market growth.


LATEST TRENDS


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Evolving Trend of Workforce Mobility to Strengthen Growth


Many employees are currently opting to work from home rather than from offices, corporate headquarters, or a worldwide branch of an organization. This helps in necessitating flexibility in access to office resources and data. Furthermore, businesses are utilizing virtual workplaces to decrease their physical infrastructure requirements to a bare minimum, allowing them to be more flexible and make better use of their office space.


Many companies are searching for mobility management, workplace management, and other integrated facility management solutions. This allows property managers to maintain the pace and speed of work while dealing with a large workforce. These solutions may be used by associated real estate agents and property managers to keep track of all the properties they maintain and all the routine maintenance that needs to be done on them. As a result, the assets management business is benefiting from the expanding trend of worker mobility.


DRIVING FACTORS


Increasing Demand for SaaS-based Software to Aid Market Growth


Software-as-a-Service (SaaS) and cloud computing integrated services have grown in popularity as preferred methods of delivery services. Subscription-based SaaS solutions help in benefiting businesses of all sizes. Companies in the market are increasingly resorting to SaaS solutions to streamline operations by automating workflows and eliminating manual input. Also, by deploying SaaS solutions, organizations can decrease the complexity and cost of on-premises deployment. SaaS software helps large multifamily property management companies integrate numerous technologies throughout their portfolio. Furthermore, the SaaS approach is critical for multi-vendor device compliance with older systems.


Real estate organizations are data-driven, and employees rely on updated information to make critical choices. Offline networks make it impossible to get data from anywhere, posing a significant barrier to decision-making. Further, SaaS solutions enable users to access information from any place using any device with internet access. Furthermore, the SaaS model aids in the integration of multi-vendor platforms into existing systems. Property managers may use a SaaS platform to combine their property solutions with sophisticated payment services for fast and easy transactions.


RESTRAINING FACTORS


Budget Constraints to Reflect Broader Range of Risk


As the real assets business globalizes, the possibility of risks will get more extensive. The top priority on the list will be country or city risk, including political risk and the chance that benefits would be simply seized. Also, rising real estate investment in developing nations may pose several dynamic risks. Further, owing to a lack of funds, real estate brokers choose to engage with local developers, which introduces a number of operational hazards, such as delayed building sites or even fraudulent operations. This might impede the expansion of the property management market share.


SEGMENTATION


By Component Analysis


Software to Capture Large Market Share Owing to Increasing Demand for Asset Management


On the basis of component, the market of property management is segmented into software and services. The software segment is anticipated to have a substantial market share. The system enables property managers and real estate professionals to perform property-related activities efficiently and cost-effectively. Previously, property owners and landlords had to pay third-party real estate agents to manage their properties, which required time and money. However, the emergence of powerful assets management software has automated and improved the work of property managers and owners.


Services are further subdivided into consulting and support and maintenance. With the increasing usage of assets management software, demand for the associated services segment is likely to increase, resulting in a high growth rate during the projection period.


By Deployment Analysis


Cloud-based Segment to Aid the Market Growth Owing to Rising Demand from Residential Sector


By deployment, the market of property management is categorized into cloud and on-premises. The on-premises segment is anticipated to have the largest share. The placement of assets management software on-premises eliminates security problems via the internet, reducing the potential of data breaches and cybersecurity attacks. During the forecast period, the cloud-based sector is predicted to exceed on-premises in terms of market growth.


Cloud-based software enables property managers and landlords to store all documents in a single platform at a minimal price, including legal contracts, lease agreements, and contractor SLAs (Service Level Agreements). Another advantage of cloud-based software is improved security. Security upgrades for traditional property applications are rare, leaving data exposed to theft, power failures, and physical disasters.


By Application Analysis


Residential Segment to Dominate the Market Owing to Growing Development of Residential Buildings


Based on application, the market of property management is segmented into commercial and residential.


Residential is anticipated to account for the largest share in the market. The necessity for assets management software to manage residential properties, such as residences, single and multi-story flats, and bungalows is driving the expansion of this segment. With an ever-increasing population, the need for residential buildings is expected to increase. Owing to this, the demand for assets management systems will increase to meet the rising number of residential properties.


The commercial segment is anticipated to grow steadily. A commercial property manager is responsible for managing non-residential assets such as retail spaces, offices, industrial buildings, and storage facilities. Commercial property owners keep complete administrative and financial records and keep all applicable fees, mortgages, repairs, and benefits up to date.


The commercial segment is further divided into government, construction, retail, and real estate, and others (education, industrial, and hotel). Among them, the use of this software in construction and real estate is expected to rise rapidly throughout the forecast period.


By End-User Analysis


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Market to Witness High Growth Due to Rising Adoption among Property Managers


Based on end-user, the global market of property management is segmented into property managers, housing associations, real estate agents, and others (third party agents, property investors).


The property managers segment is anticipated to rise rapidly during the forecast period. To certain property managers, the managing of their everyday duties requires a large amount of balancing activities around them. Manually executing corporate duties, such as monitoring, rent payments, and receiving maintenance orders is time-consuming and often intimidating. Thus there is a growing demand for automated software that allows property managers to manage many business operations.


Adoption of this software among property investors and third-party agents is anticipated to grow at a healthy CAGR during the projection period.


REGIONAL INSIGHTS


North America Property Management Market, 2021 (USD Billion)

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Geographically, the market is segmented into five major regions, North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America.


North America held the maximum market share in 2021. The expansion of e-commerce in North America is predicted to offer property managers and real estate players several possibilities to invest in asset management software/services. External investment in the region's real estate market is likely to increase significantly in the coming years.


Further, due to the wide range of investment options and economic situations, real estate wealth managers may employ foreign real estate funds to diversify more efficiently. Also, metropolitan areas in the region are leading the struggle in terms of population and economic development. As a result, urban areas have the most profitable and opportunity-rich assets management software real estate marketplaces. The region's profitability of real estate investments is significantly correlated with GDP growth and population changes.


Europe is anticipated to grow at a significant rate as the standpoint for monetary development in the region is more promising for metropolitan areas than for the nation overall. Furthermore, the region's digital strategy and infrastructure are continually being updated, boosting the use of business intelligence and predictive analytics to make buildings future-ready and better employ IoT to design and redesign structures. This improved transparency has spurred the investment climate for real estate markets. This has helped the expansion of the market growth in Europe.


The market in Asia Pacific is anticipated to rise at an exponential CAGR. Emerging countries are quickly growing. In particular, China, India, and Indonesia will grow in relative size in terms of global middle-class spending. As a result, households may spend more than their basic requirements, which opens up opportunities for real estate investment. The retail, logistics, and hotel industries are all undergoing substantial change as they respond to the escalating demands caused by the rapid rise of e-commerce. Similarly, co-working and shared workplaces have expanded across Asia Pacific in recent years, bringing a technological edge to the traditional serviced-office industry while providing good returns for landlords.


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The Middle East & Africa could witness rapid growth owing to the impact of changing laws and the significance of more transparency in the real estate business. Revaluation or deletion of senior housing, government-funded social, and owner-occupied financial support provides investment possibilities in various nations' private rental and healthcare sectors. Furthermore, low housing interest rate suggestions by governments in the region have contributed to the market's expansion.


KEY INDUSTRY PLAYERS


Companies Offer Targeted Solutions for Owners and Managers to Expand Penetration


Entrata, Inc. is a global company that offers real estate companies software and data analytics solutions. Owners and property managers benefit from the company's solutions for managing properties such as residential, commercial, and hotels. The company has emerged as a key market provider of candidate screening, revenue management, and utility management, owing to its effective SaaS solutions. These firms are concentrating their efforts on the commercial sector of the industry to provide modern and effective solutions to property managers and agents.


April 2021 – Entrata Inc. announced the integration of Alexa for residential properties. This integration allows property managers to manage or set up Alexa enabled devices in every unit, with voice-controlled smart homes.


July 2020 - Entrata, Inc. partnered with AMLI Residential. This partnership will allow and manage all of its front-end payments, accounting, lease, and communications activities on Entrata's unified and complete platform.


LIST OF KEY COMPANIES PROFILED:



KEY INDUSTRY DEVELOPMENTS:



  • March 2021 – Planon partnered with AddOnn to combine AddOnn’s SaaS solution with Planon’s software platform for building & service digitization to offer end-to-end solutions to end-users across the globe.


REPORT COVERAGE


An Infographic Representation of Property Management Market

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The research report provides an in-depth property management market analysis. It focuses on key players such as leading companies, applications, and the adoption of advanced technologies among several applications. Besides this, it offers insights into the market trends and highlights key industry developments. In addition to the aforementioned factors, the report encompasses several key factors that have contributed to the growth of the market in recent years.


Report Scope and Segmentation


























































  ATTRIBUTE



  DETAILS



Study Period



2018-2029



Base Year



2021



Estimated Year



2022



Forecast Period



2022-2029



Historical Period



2018-2020



Unit



Value (USD billion)



Segmentation



By Component, Deployment, Application, End-User, and Region



By Component




  • Software

  • Services


    • Consulting

    • Support and Maintenance




By Deployment




  • Cloud

  • On-Premises



By Application




  • Residential

  • Commercial


    • Retail

    • Government

    • Construction and Real Estate

    • Others (Education, Industrial, and Hotel)




By End-User




  • Property Managers

  • Housing Associations

  • Real Estate Agents

  • Others (Third Party Agents, Property Investors)



By Region




  • North America (By Component, Deployment, Application, End-User, and Country)

    • U.S. (By End-User)

    • Canada (By End-User)



  • Europe (By Component, Deployment, Application, End-User, and Country)

    • U.K. (By End-User)

    • Germany (By End-User)

    • France (By End-User)

    • Russia (By End-User)

    • Rest of Europe





  • Asia Pacific (By Component, Deployment, Application, End-User, and Country)


    • China (By End-User)

    • Japan (By End-User)

    • India (By End-User)

    • Southeast Asia (By End-User)

    • Rest of Asia Pacific




  • Middle East & Africa (By Component, Deployment, Application, End-User, and Country)

    • GCC (By End-User)

    • South Africa (By End-User)

    • Rest of Middle East & Africa



  • Latin America (By Component, Deployment, Application, End-User, and Country)

    • Brazil (By End-User)

    • Mexico (By End-User)

    • Rest of Latin America





Frequently Asked Questions

According to Fortune Business Insights, the global size market is expected to reach USD 37.25 billion by 2029.

Fortune Business Insights says that the market size stood at USD 17.69 billion in 2021.

The market is expected to grow at a CAGR of 9.8% during the forecast period (2022-2029).

By application, the residential segment is expected to lead the market during the forecast period.

The increasing demand for SaaS-based property management is one of the key drivers of market growth.

AppFolio, Inc., Archibus, Inc., RealPage, Inc., Trimble, Inc., and Yardi Systems, Inc. are the top companies in the market.

By end-user, the property manager segment captured a major market share.

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